22 March 2023

Today's Top Nordic Green News:

• Climate activists get the green light to sue the Swedish state
• Electric vehicle charging industry facing problems in Nordics
• Rolls-Royce SMR and Fortum explore opportunities for SMRs in Sweden

Climate activists get the green light to sue the Swedish state

Yesterday, the Nacka district court announced that Greta Thunberg and hundreds of young people have been given the green light to take the Swedish state to court. “The requests are clear enough to be tried in court,” said the Court Councillor, Olof Roos. In November 2022, over 600 young people from the youth organisation Aurora sued the Swedish state for lack of climate policy. With their lawsuit, Aurora’s aim is to get the district court to rule that Sweden has violated the European Convention, alternatively to force the state to undertake the measures necessary in order to limit climate change. Around 300 young people from Aurora have since chosen to participate in the trial. 

According to the Professor of Environmental Law, Jonas Ebbesson, Aurora’s legal process against the state could take several years. However, it would have major consequences for the state, should it result in a conviction. 

DN, Di, SVT Nyheter, TT/Omni

Electric vehicle charging industry facing problems in Nordics

Several companies in the electric charging industry are experiencing heavy problems, like  inflated development costs, sales bans and debt-laden balance sheets. Sweden’s Ctek from Vikmanshyttan, which went public 18 months ago, was expected to see great success with high sales growth and a gross margin of well over 50%. However, now the company sees that operating results have fallen by 60% over the last 12 months and on Friday Ctek’s new issue closes, which is to clean up a debt-laden balance sheet. The company’s gross margin is also expected to fall by 10 percentage points due to a “significantly changed product mix.”

However, Ctek is not the only company facing these financial challenges. Similar results have been presented by the Norwegian company Zaptec, which in 2022 saw its operating profit fall from SEK 62 million to an operating loss of SEK 17 million. Moreover, has also experienced a decline in gross margin due to component shortages and necessary revisions. Unfortunately, these are just a few examples of companies within the industry facing difficulties. The only exception to the gloomy scenario is Finnish Kempower, which is focused on more powerful DC chargers and had a revenue increase of 350% during the fourth quarter.

Rolls-Royce SMR and Fortum explore opportunities for SMRs in Sweden

The British industrial conglomerate Rolls-Royce and the Finnish energy company, Fortum have signed a memorandum of understanding to investigate the feasibility of starting up small-modular British-developed nuclear power in Sweden and Finland. The memorandum of understanding is part of Fortum's study on what the conditions look like for nuclear power in Sweden and Finland, a study that was announced in November last year. The study runs over two years and Fortum will investigate the commercial, technological and societal conditions for both small modular reactors and conventional large reactors. Investment decisions will be made at a later stage. 

Press Release, Di

Swedish municipalities put a stop to new wind turbines 

Three out of four planned wind turbines are being stopped by municipalities in Sweden due to concerns over their impact on the local environment and wildlife. This despite the fact Sweden’s electricity consumption is expected to have doubled by 2035, and wind power, which already accounts for almost a fifth of the country’s electricity production, is pointed out as an important part of solving the problem. The municipalities argue that the wind turbines could harm birds and other animals, as well as negatively affect the local landscape. This opposition has led to delays and cancellations of several wind energy projects across the country. However, proponents of wind energy argue that it is a crucial part of Sweden's efforts to transition to a renewable energy system and reduce greenhouse gas emissions.

DN 

Sweden’s Candela sets new speed record for electric boat

Candela, a Stockholm-based company, has set a new speed record for an electric boat, travelling between Malmö and Copenhagen in just 36 minutes. The Candela P-12 Shuttle is a 30-person electric hydrofoil ferry that uses computer-controlled wings to reduce energy consumption by 80%. It can reach speeds of up to 30 knots and has a range of up to 60 nautical miles at 25 knots. In addition to being fast and efficient, the P-12 Shuttle is also environmentally friendly, emitting 97.5% less carbon dioxide than the equivalent diesel ship. Candela hopes its technology can make seaborne transport sustainable and faster, creating new connections between cities and neighbourhoods. Candela’s success in raising new finance was covered in NGN yesterday.

Press Release

SSAB and Stålgross sign letter of intent for deliveries of fossil-free steel within Sweden

Sweden’s steel manufacturer SSAB and its distribution partner Stålgross have signed a letter of intent for the delivery of fossil-free steel within Sweden. Stålgross has been a strategic partner of SSAB for many years and the agreement is seen as a natural outcome of their previous collaboration. Stålgross CEO Johan Helge said the company is in a market segment where environmental requirements for materials and transport will increase, and it can make a difference at a high level through this agreement.

Press Release

Norwegian private equity giant HitecVision sets sights on biogas investments

Norway's largest private equity company, HitecVision, is eyeing new investments in the biogas sector. HitecVision, which already has indirect exposure to biogas through joint venture Aneo and Scandinavian Biogas Fuels, said it was attracted to the sector because of its potential for decarbonising society. Biogas is a complex area that requires a stable supply of substrate to ensure predictability in production, it added. The EU is targeting a tenfold increase in biogas production to 35 billion cubic metres by 2030, and HitecVision said the market is moving towards larger factories with greater output.

Cnytt

Vårgrøn, Å Energi and Corio launch Brigg Vind for Norwegian offshore wind projects

Norwegian renewable energy developers Vårgrøn and Å Energi, alongside offshore wind specialist Corio, have launched the Brigg Vind brand for offshore wind projects. The consortium plans to target the first allocation round for the southern North Sea II area of the North Sea, and sees potential for commercial offshore wind capacity of more than 50 GW in Norway by 2050. The government has set a target of allocating areas corresponding to 30 GW of offshore wind production by 2040, with the ambition for Norwegian companies to capture 10% of the global offshore wind market by 2030.

Press Release, Agder

What we’re reading

• Brussels makes e-fuels offer to resolve spat with Germany (Financial Times)
• France-Germany feud heats up over cars and nuclear (Politico)

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